A report released by the European Telecommunication Network Operators Association (ETNO), which represents Europe’s major telecom operators, said Europe must increase its network investment capacity to achieve gigabit speeds across the region and ensure full digital inclusion. ETNO says the required network investments across Europe bring a €300 billion price tag.

Europe could create 2.4 million new jobs over the next four years through digital transformation, while boosting economic growth and accelerating green transformation. It requires €300 billion in investment in telecom networks with additional steps to encourage demand and digital upselling. The key findings of this new report are ‘Connections and Beyond: How Telcos Can Accelerate a Digital Future for All.’

The BCG analysis shows that by 2022, GDP alone could create €113 billion a year and create 2.4 million new jobs in Europe. As the European Union continues its efforts to revive the economy through recovery plans, building gigabit networks and innovative digital services can help boost productivity and produce a smart way of working.

BCG has discovered that widespread adoption of digital solutions can reduce carbon emissions by up to 15%. Key enablers include 30% emissions reduction thanks to smart cities and 30% emissions cut through digital transformation in the transport sector.